The two sides had reportedly been talks this summer and were working towards an agreement to prevent him from testing the open market next year.

Sanders previously mentioned that his “heart is in Denver” and he was hoping to retire as a Bronco.

“Obviously, my heart is in Denver, this city has been so good to me beyond what I can explain,” Sanders said. “From the Broncos Huddle, being with you, to going out and seeing in my first year having so many jerseys, and having so many fans out here in this market. It’s just great to me.

“Who knows what’s going to happen with the contract situation. I want to retire a Bronco. I think everyone wants to know, but it’s all about being able to say, ‘I’m getting paid what I put out.’’

Sanders, 29, is a former third-round pick of the Steelers back in 2010. After playing out his rookie contract, Sanders signed a three-year, $15 million contract that included $6 million guaranteed.

Sanders was in the final year of the agreement and set to make a base salary of $5 million for the 2016 season.

In 2015, Sanders appeared in 15 games for the Broncos and recorded 76 receptions for, 1,135 yards receiving and six touchdowns. Pro Football Focus has him rated as the No. 10 receiver out of 121 qualifying players.